Jurisdiction(s):
United Kingdom

Key definition

Funds definition

What does Funds mean? In legal practice, funds describes pooled investment arrangements where assets are managed to a stated investment objective for the benefit of participating investors. The term is descriptive and used across multiple contexts; specific definitions and rules appear in legislation and regulation, including the Financial Services and Markets Act 2000 and the UCITS and AIFMD regimes (as implemented in the UK and Ireland). Typical features include: investors holding units or shares that represent a proportionate interest; pricing by reference to net asset value; assets held by an independent depositary or custodian separate from the manager; and operation under constitutional documents and...

Third-Party Funds Acceptance Due Diligence and Approval Record (AML/CTF/CPF)

Published by a LexisNexis Practice Compliance expert

Precedents

1 Introduction and instructions

Internal use only—do not send to clients.
Money launderers may try to hide where Funds originate by arranging payments via associates or other Third parties. A payment to or from a third party is especially suspicious if it is unanticipated, made at short notice, or said to be an error with a request for the money to be returned.
There can be genuine reasons for third-party funding, for example parents providing a house deposit to their child. Ensure you carry out appropriate due diligence, including verifying the source of funds, before accepting any such funds.
You should be satisfied that third-party monies are from a legitimate source and for legitimate reasons.
This investigation Record must be completed before any funds from a third party are accepted.
Refer to our AML, CTF and counter-proliferation financing policy, which can be found [ insert where this can be found ], for further details on accepting funds from third parties.

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Web page updated on 22/05/2026

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